Merrill keeps Elan at sell

Merrill Lynch analyst Erica Whittaker retained Elan Corp. plc at its sell rating after the company reported second-quarter revenues in line with Merrill's forecasts. Elan had an operating loss $65 million, compared to the analyst's estimate of $49 million. The company's net loss from continuing operations of $91 million beat Merrill's expected $78 million. Elan's loss per share of $0.21 beat the analyst's estimate of $0.18 and Street consensus of $0.19. Shares of the Dublin, Ireland-based biotechnology company were down 34 cents, or 2.22%, at $15.00, on volume of 5,103,500 shares versus the three-month running average of 6,843,490 shares. (NYSE: ELN)

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